LendFriend View website

Friends and Family Lending

Developer description

LendFriend offers a new and better way to lend and borrow with friends and family.
Our loan ... More

Editor's review Page 1 of 2

Published 16 Sep 2011

Although claiming to offer a new and better way to lend and borrow, lendfriend.com looks just like the many other friend & family borrowing sites on the web. In fact if anything it lacks the clarity in respect of pricing and what is and isn’t chargeable that usually appears on the front page of other sites.

The functions are what you’d expect and the benefits of this type of lending are highlighted. Those in particular being the fact that the rates for both borrower and lender will nearly always be better than anything they could get from a bank on a personal loan or investment product.

Either the borrower or lender can set up the account and enter the details on the loan template. The other party is notified by email and can view the details, comment and modify if necessary. Once the loan is set up the system provides a detailed log of payments and ensures they are to schedule. If not automated reminder notices will be generated and emailed to the borrower.

Lendfriend.com uses PayPal as a payment gateway and so all repayments to the loan can be directed through there and automatically deducted from the payment schedule.

The unclear pricing is something that needs to be addressed by this site as the front page states that the loan management tool is entirely free but if you want the security of adding a legally binding promissory note then this can be done for a fee. Despite...